China’s rigid attitude towards bitcoin and other cryptocurrencies seems to be declining, at least based on recent developments. The Bank of China (BoC) is a leading commercial bank of the state. They have published an extensive infographic on their website to inform citizens about what bitcoin is and how it works.
The infographic is divided into three major sections. Much attention is paid to the following three topics:
- How does bitcoin work?
- Why is the price of bitcoin so volatile?
- And what are the advantages and disadvantages of bitcoin?
Named dropping is also done here and there, so there is room for an image and text about the founder of TRON (TRX), Justin Sun and bitcoin billionaire, Li Xiaolai.
Below you will find the infographic, scroll through it and if you really can’t figure it out, you’ll find a summary in Dutch below the image.
A short summary of the above infographic
The very first segment of the infographic is therefore about the operation of bitcoin. It is explained in simple language (for whom the language is proficient) what bitcoin is, what the benefits and the potential of bitcoin are, and important milestones in the young history of the coin are considered.
The middle section explains why bitcoin has value and that its price is never stable. It compares bitcoin trade with a roller coaster ride.
“Bitcoin trade is like a roller coaster ride; my heart can’t handle it, “said one of the cartoon characters.
The third part of the infographic predicts a future in which bitcoin and the associated payment network make cross-border transactions possible. It also explains how you can trade, make transfers and how you can exchange BTC for fiat money, and vice versa.
Do you want to learn more about bitcoin and blockchain?
Ban on bitcoin
In September 2017, the Chinese government banned the trade in bitcoin and altcoins. This led to an exodus of crypto exchanges abroad. The signals from China are also sometimes contradictory. On the one hand time and effort is put into an infographic, on the other hand there are also rumors about a possible ban on mining cryptocurrency.